Can you Afford a Baby?
There might be many who find that question uncomfortable to answer. After all, having a baby is one of life’s greatest miracles and talking about expenses and budgets diminishes the beauty of the experience, right? Wrong. Like it or not, babies come with huge expenses. In fact for many couples who put off having a baby, financial reasons play the biggest role in the decision to delay parenthood.
If you want to have a child and aren’t sure if you’re financially ready for it, ask yourself these few basic questions.
How much will having a baby affect your monthly budget and expenses?
How much maternity leave can you expect at your workplace? If it’s too little, can you afford to take more?
Are you covered for pregnancy and child care under your insurance policy?
Do you have life insurance or disability coverage?
Do you have a husband or partner who will share expenses with you?
If you decide to go ahead and conceive, you’ll need to begin budgeting in your new expenses and there’s no better time to start than now!
Make a list of all your expenses and your monthly income and check how much you have left over each month after rent, food, groceries etc.
Begin making small but significant cuts in your monthly expenses list. You’ll need to have a significant amount in savings when the baby arrives, especially if you plan on taking a break from your job post delivery.
The Internet is a god send for shoppers on a budget. Scout online stores and e-Bay for baby clothing on discount prices. Hunt stores with sales and freebies. Everything doesn’t have to be top of the line and pricey. A baby couldn’t care less if it slept in an ordinary crib or a grossly expensive one.
Buy life insurance and disability insurance. Nobody likes to think about these things when they are planning on adding to their family, but budgeting for a child also includes making emergency provisions for their well being in case something happens to you. For more information on how you can “budget a baby” check out http://www.marchofdimes.com/pnhec/173_1022.asp .
Filed under: Getting Pregnant, Uncategorized
